Common use of Timing of Disbursement Clause in Contracts

Timing of Disbursement. Unless another provision of this Agreement specifies otherwise, on or before the fifteenth (15th) day of each month, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Xxxx Xxx Xxxxx Xxxxxxxxx Xxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop : P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 a written itemized statement, signed by Borrower ("Application for Payment") setting forth: 1. A description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("Item") shown in the Disbursement Budget. Notwithstanding the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the Loan shall not exceed Total Forecasted Costs; and 2. The total amount incurred, expended and/or due for each requested Item less prior disbursements. Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Agreement. With respect to Borrower's remaking of the representations and warranties set forth in Article 6 of this Agreement on the date of submission of each Application for Payment, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Default.

Timing of Disbursement. Unless another provision of this Agreement specifies otherwise, on or before the fifteenth (15th) day of each month, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Kxxxx Xxxx Xxx Txx Xxxxx Xxxxxxxxx Xxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Dxxxx Xxxxxx 000 200 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop : P1-XXXX-18PXXX-18-3 XxxxxxxxxxPxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 a written itemized statement, signed by Borrower ("Application for Payment") setting forth: 1. A description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("Item") shown in the Disbursement Budget. Notwithstanding the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the Loan shall not exceed Total Forecasted Costs; and 2. The total amount incurred, expended and/or due for each requested Item less prior disbursements. Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Agreement. With respect to Borrower's remaking of the representations and warranties set forth in Article 6 of this Agreement on the date of submission of each Application for Payment, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Default.

Timing of Disbursement. Unless another provision of this Agreement specifies otherwise, on or before about the fifteenth twenty-ninth (15th29th) day of each month, or at such other times as Administrative Agent may approve or determine more appropriate, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Xxxx Xxx Xxxxx Xxxxxxxxx XxxxxPNC Bank, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 National Association500 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop 0xx Xxxxx(X0-XXXX-00-X)Xxxxxxxxxx, XX 00000 Attention: P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 Xxxx Xxxxxxxxx a written itemized statement, signed by Borrower ("“Application for Payment"”) setting forth: 1. A 1.1 a description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("“Item"”) shown in the Column E (“Disbursement Budget. Notwithstanding ”) of the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item Financial Requirement Analysis attached as Exhibit C to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the Loan shall not exceed Total Forecasted Coststhis Agreement; and 2. The 1.2 the total amount incurred, expended and/or due for each requested Item less prior disbursements. ; and 1.3 the date on which Borrower requests that such disbursement be made (subject to Section 12.3, the “Funding Date”), which date shall in no event be earlier than (i) five (5) Business Days following submittal by Borrower to Administrative Agent of the Application for Payment (together with all related supporting information and certificates) and the satisfaction by Borrower of each applicable condition to disbursement set forth in this Agreement, (ii) the 9th (unless either the 9th or 10th would be a non-Business Day in which case (a) if the 10th is not a Business Day, the Business Day two Business Days prior to the 10th, and (b) if only the 9th is a non-Business Day, the Business Day immediately prior to the 9th) day of the month for which such disbursement is requested (it being acknowledged that Borrower intends to submit an Application for Payment to Administrative Agent on or about the 29th day of the preceding month as indicated in Section 1 above), and (iii) such other date as may be agreed to by Administrative Agent in its sole discretion; Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Agreement. With respect The Application for Payment may be submitted by Borrower to Borrower's remaking of the representations and warranties set forth Administrative Agent electronically in Article 6 accordance with Section 13.26 of this Agreement on the date of submission of each Application for Payment, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of DefaultAgreement.

Timing of Disbursement. Unless another provision of this Loan Agreement specifies otherwise, on or before about the fifteenth (15th) last day of each month, or at such other times as Bondowner Representative may approve or determine more appropriate, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Xxxx Xxx Xxxxx Xxxxxxxxx Fargo Bank, National Association Minneapolis Loan Center 000 0xx Xxxxxx Xxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop XXX # X0000-000 Xxxxxxxxxxx, XX 00000 Attention: P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 Xxxxxxxx Xxxxxx a written itemized statement, signed by Borrower ("“Application for Payment"”) setting forth: 1. 1.1 A description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("“Item"”) shown in the Column D (“Disbursement Budget. Notwithstanding ") of the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item Financial Requirement Analysis attached as Exhibit C to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the this Loan shall not exceed Total Forecasted Costs; andAgreement. 2. 1.2 The total amount incurred, expended and/or due for each requested Item less prior disbursements. . 1.3 Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Loan Agreement. With respect Bondowner Representative shall have the right to Borrower's remaking require that Disbursements shall be made, after satisfaction of the representations conditions contained in this Exhibit D and warranties set forth in Article 6 the Disbursement Plan. Disbursement of this Agreement on Bond proceeds shall be made to the date of submission of each Construction Fund, pursuant to an Application for PaymentPayment as provided in this Loan Agreement and in accordance with the Indenture, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Paymentinto Borrower’s demand deposit account at Xxxxx Fargo Bank, such qualificationNational Association, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Defaultaccount number .

Timing of Disbursement. Unless another provision Borrower shall submit, and the Agency shall process, only one request for Disbursement per month. Agency shall impose a Disbursement fee of this Agreement specifies otherwise$100 for each request for Disbursement after the tenth (10th) Disbursement, on or before which fees shall accrue and be paid to Agency with the fifteenth (15th) day of each month, final request for Disbursement. Borrower shall submit a completed request for Disbursement at least ten (10) Business Days before the Disbursement is desired to: Equity Office Properties Trust c/o Xxxxx Xxxx Xxx Xxxxx Xxxxxxxxx XxxxxCalifornia Housing Finance Agency Multifamily Programs Disbursement Administrator 000 Xxxxxxx Xxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop : P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx Xxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 Such request for Disbursement shall include a written itemized statement, CalHFA Pay Request signed by Borrower ("an Authorized Signatory and, if applicable, an “Application for Payment") ” on AIA Forms G702 and G703 setting forth: 1. 1.1 A description of the work Work performed, material supplied and/or costs incurred or due for which disbursement Disbursement is requested with respect to any line item ("“Item"”) shown in the Disbursement Budget. Notwithstanding the amount of any CalHFA Financial Analysis Sources and Uses line item shown budget (the “Sources and Uses/Budget”) included in the this Exhibit C to this Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the Loan shall not exceed Total Forecasted CostsAgreement; and 2. 1.2 The total amount incurred, expended and/or due for each requested Item less prior disbursements. Disbursements. 1.3 Each Application request for Payment Disbursement by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement Disbursement specified in this Disbursement Agreement. With respect to Borrower's remaking of the representations and warranties set forth in Article 6 of this Agreement on the date of submission of each Application for Payment, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Default.

Timing of Disbursement. Unless another provision of this Loan Agreement specifies otherwise, on or before about the fifteenth (15th) last day of each month, or at such other times as Bondowner Representative may approve or determine more appropriate, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Xxxx Xxx Xxxxx Xxxxxxxxx Fargo Bank, National Association Minneapolis Loan Center MAC #N9303-110 000 Xxxxxx Xxxxxx Xxxxx, Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Phone : (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop Xxxxxxxxxxx, XX 00000 Attention: P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 Xxxx Xxxxxxx a written itemized statement, signed by Borrower ("“Application for Payment"”) setting forth: 1. A 1.1 a description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("“Item"”) shown in the Column D (“Disbursement Budget. Notwithstanding ”) of the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item Financial Requirement Analysis attached as Exhibit C to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the this Loan shall not exceed Total Forecasted CostsAgreement; and 2. The 1.2 the total amount incurred, expended and/or due for each requested Item less prior disbursements. . 1.3 Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Loan Agreement. With respect . 1.4 Bondowner Representative shall have the right to Borrower's remaking require that Disbursements shall be made, after satisfaction of the representations conditions contained in this Exhibit D and warranties set forth in Article 6 of this Agreement on the date of submission of each Application for PaymentDisbursement Plan. Disbursements shall be made into Borrower’s demand deposit account at Xxxxx Fargo Bank, to National Association, account number (the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Default“Account”).

Timing of Disbursement. Unless another provision of this Agreement ---------------------- specifies otherwise, on or before about the fifteenth twenty fifth (15th25th) day of each month, or at such other times as Lender may approve or determine more appropriate, Borrower shall submit to: Equity Office Properties Trust c/o Xxxxx Fargo Bank, National Association Disbursement and Operations Center 0000 Xxxx Xxx Xxxxx Xxxxxxxxx Xxxx Xxxxx, Xxxxx 0000 000 Xx Xxxxxxx, Xxxxxxxx XX 00000 Phone Attention: (000) 000-0000 Facsimile: (000) 000-0000 with a copy to: PNC Real Estate Finance c/o Xxxxx Xxxxxx 000 Xxxxx Xxxxxx, 00xx Xxxxx Mail Stop : P1-XXXX-18-3 Xxxxxxxxxx, Xxxxxxxxxxxx 00000 Phone: (000) 000-0000 Facsimile: (000) 000-0000 Xxxxxxx a written itemized statement, signed by Borrower ("Application for Payment") setting forth: 11.1 Prior to the Disbursement by Lender of any funds from the Disbursement Budget, with the exception of the disbursement of Lender's fees (loan and underwriting fees, appraisal, costing and environmental fees), title and escrow expenses, as noted on Exhibit C, Borrower shall provide an itemized listing and backup, as required by Lender, as to the equity required to be paid into the Project Improvements, also described on Exhibit C, column B. 1.2 Prior to the Disbursement by Lender of any funds from the Disbursement Budget, Borrower shall monthly provide Lender with a detailed spreadsheet in addition to copies of invoices and checks or any other documents satisfactory to Lender, certifying as to the payment by Borrower of Borrowers Funds in the minimum amount of $221,250.00 each month for a total of 8 months or until the maximum amount of $l,000,000.00 has been contributed by Borrower for Construction Costs of Improvements. A Upon receipt of Borrowers monthly draw request, Lender shall disburse, upon Lenders approval, funds in excess of the $221,250.00 minimum per month from the Disbursement Budget. 1.3 a description of the work performed, material supplied and/or costs incurred or due for which disbursement is requested with respect to any line item ("Item") shown in the Column D ("Disbursement Budget. Notwithstanding ") of the amount of any line item shown in the Disbursement Budget, Borrower may reallocate amounts among the line items by allocating cost savings in any line item Financial Requirement Analysis attached as Exhibit C to Contingency, and amounts from the Contingency to any line item with a cost overrun; provided, however, that the sum of (i) the Required Equity Contribution plus (ii) the aggregate amount of all disbursements under the Loan shall not exceed Total Forecasted Coststhis --------- Agreement; and 2. The 1.4 the total amount incurred, expended and/or due for each requested Item less prior disbursements. . 1.5 Each Application for Payment by Borrower shall constitute a representation and warranty by Borrower that Borrower is in compliance with all the conditions precedent to a disbursement specified in this Agreement. With respect to Borrower's remaking of the representations and warranties set forth in Article 6 of this Agreement on the date of submission of each Application for Payment, to the extent circumstances have changed for reasons beyond the reasonable control of Borrower such that Borrower must qualify such representations and warranties as of the date of delivery of any such Application for Payment, such qualification, to the extent it renders the applicable representation materially untrue or breaches the applicable warranty, shall merely be a failure of condition to Lender's obligation to disburse funds under the provisions of this EXHIBIT D, as opposed to constituting an Event of Default.